Deployed on Polygon to provide cross-chain + exchange asset flow solutions for users of the Polygon ecosystem. At present, the TVL of Symbiosis Finance has reached 17.59 million US dollars, and the APY is 43.11%.
Introducing Symbiosis Finance
Symbiosis Finance is positioned as a decentralized multi-chain liquidity protocol that supports users to transfer assets between multiple blockchains, and users in Symbiosis always have custody of their assets.
The products of Symbiosis Finance can be divided into three parts for understanding, namely: the DEXs transaction aggregator on the starting chain, the decentralized cross-chain bridge, and the DEXs transaction aggregator on the target chain.
Solutions for Symbiosis Finance
Before analyzing Symbiosis Finance, let’s take a look at the current state of asset cross-chain services in the market.
At present, the main tool used by users on the chain to execute asset cross-chain is cross-chain bridges, including Avalanche Bridge, Gateway, which are “official cross-chain bridges” led by the original underlying development team, and similar to AnySwap, Gateway, etc. The ecological coverage of cBridge is more comprehensive, and it can connect with more flexible “third-party cross-chain bridges”.
As the main channel carrying the current cross-chain flow of funds, the cross-chain bridge has already achieved a value explosion under this round of multi-chain trends.
Objectively speaking, the cross-chain bridge does meet the cross-chain needs of ordinary users’ assets to a certain extent, but on the whole, the current cross-chain bridge can only provide relatively basic and simple services. The reason why I say this is because although the mainstream cross-chain bridges support the number of currencies, there are generally certain restrictions. They often only support the cross-chain transfer of a single token, and cannot realize asset exchange at the same time as cross-chain. . To give a simple example, Hop Protocol, one of the commonly used cross-chain bridges, temporarily only supports cross-chain transfers of DAI, USDC, USDT, ETH, MATIC and other currencies, and what is transferred from the original chain can only be received on the target chain. What, there is no option to accept other currencies of equivalent value.
Let’s recall, when we want to transfer assets to other ecosystems, what are the motivations? The answer, of course, is that there are opportunities for wealth that we think are more ideal in the target ecology. According to the current rich examples of crypto circles, these opportunities are mainly concentrated on trading, mining and airdrops.
The principal required for the airdrop is relatively small, so I won’t mention it here. In the mining scenario, when there are DeFi mining pools with higher yields in the target ecology, some miners will be happy to move assets to the target ecology, but according to the general perception of the industry, these are on different chains” The “running” miners often only focus on the “white prostitution pool” of top mainstream currencies such as stablecoins or ETH, which means that miners do not have much capital exchange needs, and conventional cross-chain bridges can basically meet this demand. requirements in a class scenario. However, for the most important opportunity scenario of trading (that is, wanting to invest in a certain currency in a new ecosystem), cross-chain bridges alone may not be enough.
As another example, suppose user X is particularly optimistic about the ecological development prospects of Avalanche, and wants to buy some potential coins in the ecosystem (such as BENQI), but at this time all his funds are on Ethereum (such as holding positions). to COMP). Currently, the path he can choose can be “exchange COMP to USDT on Ethereum – cross USDT to Avalanche through Anyswap – exchange USDT to BENQI on Pangolin”.
t is not difficult to find that in this operation process, the cross-chain bridge only plays a partial role. In order to achieve their own investment purposes, users also need to perform an exchange transaction on the starting chain and the target chain respectively. The whole process is quite cumbersome, and multiple transactions will also bring multiple operating costs. More importantly, for some users who do not know much about the emerging ecological DeFi infrastructure, how to find a suitable transaction path to execute the target chain asset exchange is also a potential hindrance.
In fact, in this scenario, what users really need is a seamless cross-chain token exchange, that is, “exchange” + “cross-chain” dual services. It is this service capability that Symbiosis Finance hopes to bring to its users.
Briefly introduce the workflow of Symbiosis Finance, or the situation of user X mentioned above (hope to exchange COMP for BENQI). When user X initiates this cross-chain transaction through Symbiosis Finance, the contract automatically handles the following transactions:
- Symbiosis Finance will first search and compare the quotations of various mainstream DEXs on the starting chain (Ethereum), find the best transaction path for COMP to exchange for stable coins (such as USDT), and execute the transaction.
- The USDT exchanged in the previous step is transferred to the target chain (Avalanche) through the decentralized cross-chain bridge built by Symbiosis Finance.
- Search and compare the quotations of various mainstream DEXs on the target chain (Avalanche), find the best transaction path for USDT to BENQI, and execute the transaction.
Through such a three-step procedure, users can complete the instant exchange from COMP on the Ethereum chain to BQNQI on the Avalanche chain at the most ideal price with only one transaction, and the overall operation process will be greatly simplified.
It is worth mentioning that although in our description, the core cross-chain link of the second step looks very simple, in order to achieve decentralized, non-custodial, secure and instant fund cross-chain services, Symbiosis Finance has done a lot of work. , to build a bridge network jointly supervised and confirmed by a large number of relay nodes (composed of SMB token holders).
- Simple to operate, with a UI similar to Uniswap. No need to use additional wallets, no need to wait too long for the transaction process, and no need to perform additional exchange operations.
- Fully decentralized. No centralized force can stop Symbiosis from running, or censor user access.
- Interoperable. Symbiosis will provide liquidity services for all mainstream blockchain ecosystems, with the ultimate goal of connecting all networks.
- Unmanaged. No one (including the Symbiosis team) has access to user funds.
Total issuance: 100,000,000
Total Circulation: 9,710,000 10% of the supply is sold in the seed round, the tokens will be locked for 18 months.
1.30% of the total supply is reserved for pre-sale by Dao Maker and 2 other platforms.
How to participate
1) Open the BitKeep wallet and switch the network to Polygon;
2) Click [Browser], enter [Symbiosis] in the search box, and click the search result;
3) Browse the Dapp information and click [Confirm] to enter the platform homepage;
4) Click the button at the bottom of the home page to enter the transaction page, then click [Select tokens] again, and select the currency you want to exchange across the chain in the pop-up window, here is [Polygon] as an example;
5) Click [Select tokens] again, and select the main chain and currency you want to convert to. Take [SIS] of the ETH chain as an example. After confirming the two currencies and their quantities that you want to exchange across chains, click [ Switch network to Polygon] to perform cross-chain exchange.
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